Barcino Property Socimi Sa · BME:YBAR

Barcino Property Socimi Sa — Shareholder Meeting (May 2019)

22 slides from Barcino Property Socimi Sa's shareholder meeting presentation, May 23, 2019

1. Slide 1: Hecho relevante: Junta General de Accionistas 23 mayo 2019

   Barcelona, 24 de mayo de 2019 En virtud de lo previsto en el artículo 17 del Reglamento (UE) nº 596/2014 sobre abuso de mercado y en el artículo 228 del texto refundido de la Ley del Mercado de Valores, aprobado por el Real Decreto Legislativo 4/2015, de 23 de octubre, y disposiciones concordantes,

2. Slide 2: Publicación de la Presentación de Resultados 2018

   Adicionalmente, Barcino publica la Presentación de Resultados del ejercicio anual terminado el 31 de diciembre de 2018 utilizada en la Junta General Ordinaria y Extraordinaria de Accionistas cele- brada ayer, jueves 23 de mayo de 2019. La documentación anterior también se encuentra disponible en la

3. Slide 3: Anexo I Presentación

   Barcino Property ANEXO I Presentacion

4. Slide 4: Barcino Property SOCIMI 2018 Year End Results

   May 2019 Barcino Property SOCIMI, S.A. 2018 YEAR END RESULTS Confidential

5. Slide 5: Disclaimer

   Disclaimer  This presentation has been prepared by Barcino Property SOCIMI, S.A. (“Barcino”). This presentation does not constitute and should not be construed as an offer, inducement, invitation to sell or issue, or the solicitation, inducement or invitation of an offer to buy, subscribe or acquir

6. Slide 6: Summary

   Summary 1. Market developments 4 2. Portfolio review 7 3. Financial performance 13 4. Appendices 17 3 Confidential

7. Slide 7: 1. Market Developments

   1. Market Developments Confidential

8. Slide 8: Macroeconomic strength supporting prices

   Macroeconomic strength supporting prices  Spanish economy growing above EU average  Catalan 2018 GDP growth +2.4% vs +1.7% expected (Funcas)  Catalan GDP grows +2.3% yoy in Q1 2019 (Airef) GDP Growth Unemployment rate 2,6% 17,2% 2,4% 15,3% 2,1% 2,0% 2,0% 13,4% 13,9% 1,6% 11,3% 1,4% 1,4% 10,2% 1,3

9. Slide 9: Barcelona's residential market has stabilised

   Barcelona’s residential market has stabilised  Having led the recovery, rents in Barcelona have stabilised as affordability has become an increasingly important factor  Despite the impact of recent events the city is showing its resilience and faces structural positive trends Property prices (€/sq

10. Slide 10: 2. Portfolio Review

    2. Portfolio Review Confidential

11. Slide 11: Portfolio overview

    Portfolio overview  14 buildings in prime locations  Piecemeal approach to refurbishment focusing on vacant or vacated units  Working on further financings Key facts Portfolio evolution (# buildings)  Number of buildings: 14 14 9  Gross Floor Area: 16,154sqm 5  Average area/building: 1,154sqm

12. Slide 12: Portfolio location

    Portfolio location  Focus on residential buildings with a surface between 700 and 1,500sqm BARCELONA CITY CENTRE 4 Assets 1 Vistalegre 24 458 2 Buenos Aires 35 2 9 3 Montjuïc 68 4 Berga 21 5 Sepúlveda 107 5 13 6 Ramon Turró 23 7 Poeta Cabanyes 40 12 10 8 Sant Bertran 8 11 1 14 9 Girona 92 7 10 Oliv

13. Slide 13: Asset valuation (1/2)

    Asset valuation (1/2)  Prime locations in Barcelona ensures strong letting performance  Barcino asset values significantly below recent transactions  +55% capital appreciation since inception Acquisition Acq. Price Latest Value yoy growth Capital LTV (2) Gross ‘18 Gross ‘17 Asset Date Area (sqm)

14. Slide 14: Asset valuation (2/2)

    Asset valuation (2/2) Acquisition Purchase Latest Valuation Capital Gross Yield Asset Date Area (sqm) LTV (2) (%) Price k€ (1) Price €/sqm RICS k€ (2) Appreciation (5) (%) 10 Olivera (7) May 18 1,195 k€ 2,315 € 1,937 k€ 3,350 45% 32% N/A 11 Pedreres (7) Sep 18 790 k€ 2,015 € 2,551 k€ 2,250 12% -- N/

15. Slide 15: Achievements during 2018

    Achievements during 2018  2018 has been a transformative year from both an operational and a financial perspective Operational achievements Financial achievements  5 buildings acquired  € 9.8m Capital increase  1 building fully refurbished  5 new mortgages  8 individual units refurbished  4 b

16. Slide 16: 3. Financial Performance

    3. Financial Performance Confidential

17. Slide 17: Key financial figures (1/3)

    Key financial figures (1/3)  Shares trade at 15% discount to NAV (1.60 vs 1.33 at end 2017)  Conservative financial structure  Substantial capital gain on investment properties Balance Sheet – k€ 31/12/2018 Results analysis – k€ 31/12/2018 GAV (RICS + Cash ) 55,974 Gross Rental Income 1,261 Gross

18. Slide 18: Key financial figures (2/3)

    Key financial figures (2/3)  A high quality collateral underpinned with a solid financial structure  Conservative leverage Balance Sheet – Barcino Property Assets - € 2017 2018 Liabilities - € 2017 2018 Current assets 2,306,777 4,273,990 Equity 12,861,027 21,079,279 Accounts receivables 200,052 26

19. Slide 19: Key financial figures (3/3)

    Key financial figures (3/3) Results analysis – €k 2017 2018 Var. Rental Income 895 1,261 + 40.86% Operating Expenses (524) (727) Including Property taxes (57) (59) Legal Costs (83) (172) Consultant Costs (115) (27) Personnel (60) (91) Letting Fees (API) (82) (112) Other Costs (insurance, utilities,

20. Slide 20: 4. Appendices

    4. Appendices Confidential

21. Slide 21: Barcino overview

    Barcino overview  Acquisition and refurbishing of residential property to rent WHO ARE WE?  Founded Jan 2015 NUMBER OF 14 BUILDINGS  Specialised in residential property:  For rent NUMBER OF 171  Whole buildings to be refurbished UNITS  Within the Área Metropolitana de Barcelona  Buy and hold

22. Slide 22: Business model

    Business model  Value created via 4 main levers  Targeting gross yield in the mid to high single digits  Invest in ‘off-market’ opportunities below post-refurb market price  Refinance post-refurb Sourcing  Recycle equity for new acquisitions Refinance Refurbs  Refurbished cost effectively by t

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